When news happens, text LT and your photos and videos to 80360. Or contact us by email or phone.
East Lancashire homes cash wasted due to red tape
3:23pm Friday 20th September 2013 in News
FEARS have been raised that empty home regeneration money for hundreds of properties in East Lancashire ‘will remain unspent’ because mortgage lenders refuse to allow properties to be re-registered.
Earlier this year, county authorities received £7.6million from the Homes and Communities Agency to renovate and resell vacant houses with Hyndburn getting £1.9million, Burnley £1.8million, Pendle £669,000 and Blackburn with Darwen £413,000.
Part of this funding led Together Housing (TH), the company behind Twin Valley Homes and Housing Pendle, to launch a £10million initiative offering purchase and repair, and lease and repair options, to bring around 300 homes back into use.
But Pendle MP Andrew Stephenson said that in order to comply with the grant guidance, TH had to register a property’s lease with the Land Registry.
However, mortgage lenders are refusing to agree, apparently as their scheme does not tally with standard buy-to-let schemes, he told a Westminster Hall debate.
“Despite attempts to open dialogue with the lenders, the housing association is still receiving receiving refusals from them,” said Mr Stephenson.
“Without a resolution, much of the money will remain unspent and many of the 300 homes will remain boarded up.”
Communities Minister Don Foster said officials had unsuccessfully asked the Council of Mortgage Lenders in a bid to co-operate.
Comments are closed on this article.